World’s Sixth Largest Crypto Exchange by Trade Volume Bithumb Hacked

Sentinel Protocol, Korean anti-hacking, scam, and fraud project, reports that the hot wallet was hacked on June 19. Since that night, Bithumb counted that assets worth around $30,000,000 was stolen.

Reports appeared on June 19 say that Bithumb, the top crypto exchange in South Korea, has lost $30 million due to hackers’ attack. Company had to freeze all its deposits and payments at least for some time.

Bithumb’s twitter post tells that the “service will be stopped to make sure the security”. Company will submit more information as soon as it is ready to reboot the system. In another statement, company promises to compensate users whose accounts have been hacked; now, the temporary solution is storing assets in cold wallet:

Recently, when an abnormal access was noticed, a big part of Ethereum assets was moved to Bithumb’s cold wallet. Earlier Bithumb had to launch server check off the schedule to tune up its security system. Bithumb wanted to hold maintenance for almost 4 hours tops, but the scheduled time was exceeded.

Sentinel Protocol, Korean anti-hacking, scam, and fraud project, reports that the hot wallet was hacked on June 19. Since that night, Bithumb counted that assets worth around $30,000,000 was stolen. Report says: “Those stolen cryptocurrencies will be covered from Bithumb and all of assets are being transferred to cold wallet.” Some of the sloten assets were Ripple coins.

It is remarkable that Bithumb is world's sixth largest crypto exchange. CoinMarketCap’s data shows that company’s 24-hour trade volume is over $374 million.

But it is not the first time hackers steal cryptos; another South Korean exchange Coinrail was robbed for around $37 million. And while Coinrail takes only 99th position among crypto exchanges in the world, media has associated its hack to crypto markets crash. For instance, Wall Street Journal claimed that Bitcoin price dropped by 11% due to this hack.

At the same time, some journalists are disagreed, which makes the statement controversial. Industry journalist and commentator Joseph Young thinks that “Bitcoin fell because people sold and not enough people were willing to buy, not because of a small hack.”